Bitcoin Breakout Marks New Market Regime, Says GSR's Andy Baehr
Andy Baehr, managing director of asset management at GSR, says Bitcoin's $80,000 breakout marks a new market regime.
Baehr spent 25 years on Wall Street derivatives desks before crossing into digital assets. He had urged patience through what he called a super slow summer of thin volumes and muted price action.
The stagnation was measurable: digital asset funds bled a record $8 billion across eight straight weeks of ETF withdrawals, but demand returned after news of Treasury buybacks in long-dated bonds arrived alongside a planned White House gathering of crypto executives.
Trapped bears did the rest, with bearish traders absorbing $1.06 billion in liquidations in a single day as the breakout gathered pace. Spot Bitcoin ETFs then added nearly $2 billion in net inflows over five days, Baehr noted.